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Detroit, MI Mortgage Rates Today

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Detroit, Michigan skyline.

Current Mortgage Rates in Detroit

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Detroit housing market at a glance

September 2026 data

In Detroit, homes are selling in about 68 days (9 slower than a year ago), sales are down 1.6% from last year, and about 16% of listings have had a price cut.

Median sale price
$100,000
$79 per sq. ft.
Homes sold
3,485
▼ 1.6% vs. 3,540 last year
Days on market
68
vs. 59 days last year
Homes for sale
5,095
286 new listings
Listings with a price cut
16%
828 of 5,095 listings

Source: Movoto Detroit, MI market trends, September 2026. Last updated October 5, 2026.

What it costs to buy a home in Detroit

Monthly payments on Detroit's median home price of $100,000 (September 2026), at today's rates.

20% down · Conventional
$1,162/mo
Down payment
$20,000
Loan amount
$80,000
Rate
7.125%
Principal & interest
$539
Est. property tax
$162
Est. homeowners insurance
$461
5% down · Conventional
$1,263/mo
Down payment
$5,000
Loan amount
$95,000
Rate
7.125%
Principal & interest
$640
Est. property tax
$162
Est. homeowners insurance
$461
3.5% down · FHA
$1,268/mo
Down payment
$3,500
Loan amount
$98,189
Rate
6.875%
Principal & interest
$645
Est. property tax
$162
Est. homeowners insurance
$461

Payments include principal, interest, estimated Detroit property taxes, and estimated homeowners insurance. They do not include mortgage insurance (PMI or FHA monthly MIP), which applies with less than 20% down, or HOA dues. The FHA loan amount includes the 1.75% upfront mortgage insurance premium. These are examples based on the median price, not the sample loan used in the rate table above.

How much income do you need to buy a home in Detroit?

A common lender guideline is to keep your total housing payment (principal, interest, estimated Detroit property taxes, and estimated homeowners insurance) at or below 28% of your gross monthly income. Gross income is what you earn before taxes and other deductions come out of your paycheck. Based on that guideline, here's the yearly household income needed for Detroit's $100,000 median home:

20% down · Conventional$1,162/mo payment $49,781/yrabout $4,148/mo before taxes
5% down · Conventional$1,263/mo payment $54,112/yrabout $4,509/mo before taxes
3.5% down · FHA$1,268/mo payment $54,327/yrabout $4,527/mo before taxes

Why this matters: Keeping housing costs near 28% of your income leaves room for other bills, savings and the upkeep that comes with owning a home. It's a planning guideline, not a hard limit.

What lenders look at: Lenders also look at your debt-to-income (DTI) ratio, which adds your car, student loan and credit card payments to the new mortgage payment. Depending on the loan program and your credit, many lenders allow total debts of roughly 43% to 50% of gross income, so you may qualify with less income than shown, or need more if you carry other debt.

Household income counts: If you're buying with a partner or co-borrower, lenders can combine your incomes.

How rates change your payment

Principal and interest on a $80,000 loan (the Detroit median price with 20% down). Every 0.25% is worth about $13/mo.

Rate6.13%6.38%6.63%6.88%7.13%
today		7.38%
Monthly P&I$486$499$512$526$539$553

Ways to make a Detroit home more affordable

  • Negotiate on price. About 16% of Detroit listings have had a price cut, so many sellers are open to offers.
  • Ask for seller concessions. Homes take 68 days to sell, 9 more than last year. Sellers may cover closing costs or pay for a rate buydown.
  • Consider buying down your rate. On this example loan, a rate 0.5% lower saves about $27 a month.
  • Compare loan types. FHA rates are at 6.875% vs. 7.125% for conventional, with as little as 3.5% down. Compare by APR, including mortgage insurance.

Detroit mortgage and home buying FAQs

What are mortgage rates in Detroit today?

As of October 9, 2026, Lower’s 30-year fixed conventional rate in Detroit is 7.125% (7.429% APR), and the 30-year FHA rate is 6.875% (7.699% APR). Your rate depends on your credit, down payment, loan type and any points you pay. See the rate table above for points and full details.

What is the monthly payment on a median-priced home in Detroit?

On Detroit’s $100,000 median home price (September 2026), a 30-year conventional loan with 20% down at 7.125% comes to about $1,162 a month, including principal, interest, estimated Detroit property taxes, and estimated homeowners insurance. With an FHA loan and 3.5% down, it’s about $1,268 a month before monthly mortgage insurance.

How much income do I need to buy a house in Detroit?

To keep housing costs at 28% of gross (pre-tax) income, you’d need a household income of about $49,781 a year to buy Detroit’s $100,000 median home with 20% down, or about $54,327 with an FHA loan and 3.5% down. Lenders also consider your other debts, so the income you need may be higher or lower.

How much do I need for a down payment in Detroit?

On the $100,000 median home, 20% down is $20,000, 5% down is $5,000, and the FHA minimum of 3.5% is $3,500. Putting less than 20% down usually means paying mortgage insurance. You’ll also need money for closing costs.

Is it a buyer’s or seller’s market in Detroit right now?

In September 2026, Detroit homes sold in about 68 days, 9 days slower than a year earlier. 3485 homes sold, down from 3540 the year before, and about 16% of the 5095 homes for sale have had a price cut. Slower sales and frequent price cuts generally give buyers more room to negotiate than a year ago.

How much does a quarter-point rate change affect payments in Detroit?

On a $80,000 loan (the median Detroit home with 20% down), each 0.25% change in rate moves the principal and interest payment by about $13 a month, or about $161 a year.

How much are property taxes in Detroit?

Lower estimates Detroit property taxes at about 1.94% of a home’s value per year. On the $100,000 median home, that’s roughly $1,940 a year, or $162 a month. Your actual bill depends on your assessed value and any exemptions.

Market data: Movoto, September 2026. Homeowners insurance estimates are based on average annual premiums in Detroit from The Zebra; your quote will vary. Rates as of October 9, 2026. Examples only; not an offer of credit. Your rate and payment depend on your credit, down payment, loan type and other factors.

Find Out Why Detroit Loves Lower

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5.0

Dante answered ever question we has and explained thing to us very well. We are very thankful to have worked with him and will tell everyone we know about our experience and recommend him with no hesitation.

Nathan D.

Verified Customer

September 8, 2026

5.0

He just made the whole experience very easy, and was quick to answer any questions we had!

Jamie S.

Verified Customer

August 31, 2026

5.0

Dante was supportive every step of the way. Anytime I had questions he was right there with an answer.

Spenser T.

Verified Customer

September 21, 2026

5.0

Dante was helpful at every turn. He was always ready to answer my (many) questions, and had such a positive attitude about everything it made a daunting task much less stressful!

Kelly D.

Verified Customer

September 4, 2026

5.0

Great communication and transparency. Competitive rate

Hannah D.

Verified Customer

September 15, 2026

5.0

Dante was in constant communication with us throughout the whole process. he was helpful, attentive, and very uplifting with every conversation and every interaction

Shane H.

Verified Customer

August 27, 2026

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